Michalanney, a crucial part of Adelaide's backline, was substituted with the injury in the third quarter of Saturday night's thumping win over Port Adelaide and will miss four-to-six weeks.
It means the Crows will continue their push for a top-two berth without the versatile defender, who will need to prove his fitness for finals.
"It's unfortunate for Max given the season he's been having," Crows high performance boss Darren Burgess said.
"Thankfully for us, we know he's an extremely diligent worker and will do everything possible to return stronger."
Michalanney, 21, had played 64 of a possible 65 games since his debut in 2023.
Adelaide will miss Michalanney against Hawthorn's dynamic forward line on Friday night, while he will also be sidelined for games against West Coast, Collingwood and North Melbourne.
The Crows (56 points), sit second behind Collingwood (60) and just ahead of Brisbane (54).
Geelong, Hawthorn, GWS and Fremantle (all 52 points) are all jostling for top-four berths.
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